Cadence Design Systems Inc. (CDNS) Lifted to Buy at DA Davidson
Cadence Design Systems Inc. (NASDAQ:CDNS) was upgraded by equities research analysts at DA Davidson from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, The Fly reports.
A number of other equities research analysts have also recently commented on the stock. Needham & Company LLC cut shares of Cadence Design Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, June 14th. They noted that the move was a valuation call. Bank of America Corp. reiterated a “buy” rating and issued a $30.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Finally, RBC Capital Markets reiterated an “outperform” rating and issued a $29.00 target price on shares of Cadence Design Systems in a research report on Tuesday, July 26th. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Cadence Design Systems currently has a consensus rating of “Buy” and an average target price of $26.25.
Shares of Cadence Design Systems (NASDAQ:CDNS) opened at 25.53 on Monday. The firm has a 50-day moving average of $25.20 and a 200 day moving average of $24.45. Cadence Design Systems has a 52-week low of $18.32 and a 52-week high of $26.24. The stock has a market capitalization of $7.46 billion, a PE ratio of 30.25 and a beta of 1.14.
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Cadence Design Systems (NASDAQ:CDNS) last posted its quarterly earnings data on Monday, July 25th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.28 by $0.01. The business had revenue of $453 million for the quarter, compared to the consensus estimate of $449.54 million. Cadence Design Systems had a net margin of 14.52% and a return on equity of 21.48%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $0.27 earnings per share. Equities research analysts forecast that Cadence Design Systems will post $1.20 EPS for the current fiscal year.
In other Cadence Design Systems news, insider Anirudh Devgan sold 130,000 shares of Cadence Design Systems stock in a transaction dated Thursday, August 11th. The shares were sold at an average price of $24.85, for a total transaction of $3,230,500.00. Following the completion of the sale, the insider now directly owns 424,707 shares in the company, valued at $10,553,968.95. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Chi-Ping Hsu sold 3,750 shares of Cadence Design Systems stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $25.60, for a total transaction of $96,000.00. Following the sale, the vice president now owns 253,214 shares of the company’s stock, valued at $6,482,278.40. The disclosure for this sale can be found here. Corporate insiders own 2.70% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Aperio Group LLC boosted its stake in shares of Cadence Design Systems by 14.2% in the first quarter. Aperio Group LLC now owns 94,340 shares of the company’s stock worth $2,225,000 after buying an additional 11,748 shares in the last quarter. Nisa Investment Advisors L.L.C. boosted its stake in shares of Cadence Design Systems by 29.5% in the first quarter. Nisa Investment Advisors L.L.C. now owns 56,690 shares of the company’s stock worth $1,337,000 after buying an additional 12,900 shares in the last quarter. Virginia Retirement System bought a new stake in shares of Cadence Design Systems during the first quarter worth $1,002,000. Ngam Advisors L.P. boosted its stake in shares of Cadence Design Systems by 2.5% in the first quarter. Ngam Advisors L.P. now owns 20,684 shares of the company’s stock worth $488,000 after buying an additional 509 shares in the last quarter. Finally, Teachers Advisors Inc. boosted its stake in shares of Cadence Design Systems by 2.6% in the first quarter. Teachers Advisors Inc. now owns 230,801 shares of the company’s stock worth $5,442,000 after buying an additional 5,763 shares in the last quarter. Institutional investors and hedge funds own 85.57% of the company’s stock.
About Cadence Design Systems
Cadence Design Systems, Inc (Cadence) develops system design enablement (SDE) solutions that are used to design whole electronics systems and integrated circuits (ICs) and electronic devices. The Company’s SDE product offerings include electronic design automation (EDA), software, emulation and prototyping hardware, and two categories of intellectual property (IP): verification IP (VIP) and design IP.
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